Browsing: Afrinvest
Naira Trades Strong despite Marginal Decline in Oil Prices. The Nigeria’s local currency, naira, stands strong and stable amid decline in global prices of oil. In the week, oil prices dropped due to weak demand and partial supply glut with inventory rising speedily.
Equities Market Rebounds amidst Renew Bullish Activity. The Nigerian Stock Exchange rebounds amidst renewed bullish activities. This is coming just as the Bureau of Statistic data shows inflation rate increase to 12.40% in May.
Afrinvest Says Maturing T-Bills Will Keep Money Market Rates Down. Afrinvest, a Lagos based investment banking firm, has predicted that money market rates would stay low in the coming week.
NSE Index appreciates by 0.19% to open the week positive. The Nigerian Stock Exchange resumed the week positive as the All-Share Index rose 21 basis points (bps). All Share Index to close at 25,316.15 points following buying interest in GUARANTY (+2.3%), DANGSUGAR (+9.7%) and BUACEMENT (+0.7%).
Yields Plunge in Treasury Bills Market amid Excess Liquidity. Yields on government instruments trend lower in the secondary Treasury Bills market last week as Central Bank refinanced matured instrument worth ₦59.37 billion via primary market.
Stock market sustained positive momentum lifts All-Share Index. The Nigerian Stock Exchange continues its bull run as the equities segment sustained a positive performance. Week to date, the All-Share index gained 0.3% to close at 25,267.82 points.
Average prices of foods, transportation and health care among other needs have been projected to increase for month. Investment bankers have estimated uptick in headline inflation rate for the month of May, projected to spike to 12.43%.
The bulls tightened their grip on the Nigerian Stock Exchange, pushing it to positive territory on all trading days last week. It was a full week of bullish performance. Then, Unilever stock emerged as the best performing stock, gained 33.86% to close at ₦17.
Sell-offs Persist in the Domestic Bonds Market, says Afrinvest
‘Naira: Weaken FX futures contracts reflect appropriate currency risk’